NEW YORK (AP) - Drug maker Bristol-Myers Squibb Co. said Monday it will acquire privately held Adnexus Therapeutics in a $430 million all-cash deal.
Adnexus Therapeutics will become a subsidiary of Bristol-Myers and remain based in Waltham, Mass.
The companies said the acquisition of Adnexus will help advance Bristol-Myers's role in biologics and includes an early-stage trial for cancer treatment candidate Angiocept. Angiocept is designed to be a so-called anti-angiogenic drug, or one that tries to stop cancerous tumors from developing new blood vessels.
Under the terms of the deal, New York-based Bristol-Myers will acquire all of Adnexus' issued and outstanding shares of capital stock and stock equivalents. The net purchase price is $415 million after deducting Adnexus' net cash balance at closing.
The deal does not include any debt, Bristol-Myers said.
In addition, Bristol-Myers may pay an additional $75 million in three increments of about $25 million each, in the event certain development and regulatory milestones are achieved.
The closing of the transaction is subject to customary regulatory approvals.
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